Avnet, Inc. plans to acquire Horizon Technology Group PLC in an all cash offer for €1.18 per share, or €98.5 million (US$156.1 million) and a transaction value of €94.4 million (US$149.6 million).
Horizon is a technical integrator and distributor of information technology products in the UK and Ireland.
Horizon's distribution business markets enterprise server, storage, networking and security products from vendors including Sun Microsystems, EMC, F5 Networks Juniper, IBM, and Nortel.
In addition to the traditional distribution business, Horizon's Client Solutions business unit partners with major software vendors including BMC, Microstrategy and SAP to provide a full range of development and implementation services. In 2007, Horizon had total sales of €288 million and EBITDA of €10.7 million before unusual items. Horizon will be integrated into Avnet's European Technology Solutions (TS) business.